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Outlook for 2010: acquisition of Deux Alpes Loisirs

  • A resort that fits perfectly the selection criteria specific to CDA’s model:

    • Size: 430 ha, 225 km of ski runs, 55 ski lifts

    • High altitude, with a skiable glacier at 3,600 meters

    • A plentiful accommodations offer, with nearly 30,000 rental beds, and an international clientele that accounts for nearly 50% of winter customers

    • Sales 2009: €40.2 million, incl. €32.5 million from ski lifts, €4.6 million from package vacation sales and €0.9 million from real estate activity

  • Optimized acquisition conditions:

    • Acquisition price: €46 million (CDA share: €27.7 million)

    • EBITDA multiple of 4.8

    • Partnership with financial investors: CDA (60%), CDC (19%), Banque Populaire des Alpes (12.6%), and Caisse d’Epargne Rhône Alpes (8.4%)

    • Optimized capital employed and favorable effect on debt ratios

    • Special provisions for return and change of shareholdings

Compagnie des Alpes at December 15, 2009 - slide 25

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